Top Health Insurance Plans in India for parents / senior citizens

This article is based on topic suggested by a reader through "suggest a topic" in menu bar.

With growing medical expenses year on year, it is important that you do plan for health insurance as part of your financial planning exercise. There are several ways to reduce insurance costs. While it is easy to get a medical insurance policy at young age, there are several restrictions and conditions to get health insurance for parents / senior citizens. What are the top health insurance plans in India for parents / senior citizens?

Why health insurance is important for our parents?

Thanks to medical advancement that average age of a person is increasing year on year. Health insurance is an option to avoid holes to our pocket else they can make our finances sick. Health insurance may not be costing much at young age, but it is very important once you reach the age of 60 due to various reasons like:

Growing medical expenses year on year

Decreasing or zero revenue for the senior citizens

Surplus money reduces year on year to meet regular monthly expenses

Unforscene expenses would wipe out savings kitty

Top health insurance plans in India for parents / senior citizens

Below are some of the best health insurance for parents / senior citizens.

Star Health insurance company – Star Senior Citizen Red carpet plan

Bajaj Alliance health insurance – Silver plan

Apollo Munich insurance – Optima Senior

Max Bupa insurance – Heartbeat plan

National Insurance – Varishta healthcare plan

United India insurance – Senior Citizen plan

New India insurance – Senior Citizen medi claim policy

Let us look at the features of these top health insurance plans in India

Additional details: 1) 15-30% based on room type 2) 30% co-payment based on specified diseases 3) Pre-existing diseases covered after 3 years 3) In case of no claim, a discount of 5% on subsequent premiums.

This is one of the top health insurance plans in India as it covers BP and diabetes which have become part of every one’s life at the age of 50 itself. You need to pay additional 10% premium for this.

Website: http://newindia.co.in/content.aspx?pageid=1179#a5

Quick comparison of top health insurance plans in India in one table:

Now though there are several good health insurance plans in India for parents, you would have been in dilemma which one to choose. There is no single policy which suits for everyone. It suites based on the requirement, budget and several other parameters.

How to choose best health insurance plans in India for your parents?

Here are few suggestions where you can take decision on choosing best medical insurance for your parents.

Max renewal age: Choose medical insurance policy which offers max renewal age. When you choose such medical insurance policy, you need not worry about this year on year. You can keep renewing the policies to the maximum extent.

Maximum coverage: Choose a best insurance for your parents which have maximum coverage within your budget. The coverage includes any critical illness coverage, pre-existing diseases. E.g. New India insurance plan of Sr. citizen’s plan covers diabetic also with additional premium.

Go for Pre-existing diseases coverage with least period: Some of the medical insurance plans cover pre-existing diseases within 1 year. You would benefit more if you can opt for lesser waiting period for such coverage’s.

Minimum special exclusions: Buy insurance policies with minimum special exclusions. Special exclusions are those where insurance companies exclude some diseases or impose special conditions.

Minimum co-payment: Co-payment is the amount where insurer has to make the payment. You should go for insurance policy where you need to pay minimum or nil co-payment.

Conclusion: If you are looking for top health insurance plans in India for your parents, do not look for low insurance premium policies. Consider above suggestions and get the best health insurance within your budget.

If you enjoyed this article, share the link in Facebook/Twitter. The links are provided below.

Suresh, i want to cover my parents in single plan but above plans shows entry age from 60 years. and my mothers age is 54 years.How can i get above plan for my mother. Plz suggest me plan that will cover my fater (61 age) and mother (age 54) in single plan for lifetime .

Sushil, Above plans are only best suitable for 60+ years. However there are several other plans for like Reliance health assure plan or LIC Jeevan Arogya where you can cover your mother at this age. Check those options

Hi Amit, Life is like that, we should move on. There are a few health policies only for diabetic patients thought there are several life insurances policies. Thought I have not done extensive analysis, here are the two which came to my mind and their relevant details. 1) ICICI Diabetic care: http://www.iciciprulife.com/public/Health-plans/DiabCare.htm 2) Star diabetic care: http://www.starhealth.in/diabetessafe.php While you can review them, let me do some extenstive research and come back for some more policies with positives and drawbacks. You would see an article in next 2 weeks about this.

is there any health insurance which will cover in one policy for my Father -57 year/ Mother -46year including me 24years and my brother 22 years age . pls suggest good insurence plan(company) . and what will be the premium cost yearly/monthly.

I want to take health insurance policy for my Mother age 45 and Father age 60 with no pre disease.Person should go for maximum coverage irrespecive of premium.Basically i am looking for such policy where it shouls be hassle free in less of paper work but good service.Usually gov policy have less premium but they kinda have lot of things checklist when u apply for claim.

I am looking for 10 lakh joint policy for Parents.Maximum coverage lifetime renewal.Wiould i be able to avail my medical and premium reimborsment in situatation of cancellation of policy.Which one you recommend is good health insurance policy i should adapt.

Anand, what I said is the list indicated in the article are the best ones as per my knowlege and they also depeding upon individual needs. If you exclude Govt ones, you can go for other healthcare policies

Your email address will not be published. Required fields are marked *

Comment

Name *

Email *

Website

Notify me of follow-up comments by email.

Notify me of new posts by email.

Search for:

Subscribe to get this tips to your email

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join 26,392 other subscribers

Email Address

Person Behind this blog

Suresh KP i.e. me, have written 1800+ articles on this Blog. I love doing analysis on various Best Investment Plans like mutual funds, Stocks, IPO’s, NCD Bonds, Insurance products. If you like our blog, you can share some of the good articles on your Facebook or Twitter. This would be the BIGGEST gift which you would be giving to us.